Blockchain Technology | How Well Do You Know Your Wine?
With Blockchain, you’ll know what’s in the bottle and what’s happened to it from grape to table. It will be the single source of truth, immutable and data mined from the blockchain will be used to predict value and influence price.
HOW WELL DO YOU KNOW YOUR WINE?
Wine connoisseurs want to know more about a bottle of wine than what’s printed on the label. Today’s wine consumers rely on their own knowledge and or publications like the Wine Spectator to determine quality and value. But neither give you the full story of how the grape ended up in that bottle and what has happened to the wine on its journey to the wine cellar and consumer.
Buying an expensive bottle of wine is like buying a used car before CarFax was around. Not to compare wine to cars but before CarFax, when looking for a used car the salesperson would tell you “the cars in perfect condition, it was only driven on to Church on Sunday and the grocery store on Wednesday by caring grandmother that never went over 40mph and the dent in the front fender is from a shopping cart.” But with CarFax you can see the car’s history. Well when you’re looking for a bottle of wine it’s like buying a used car before CarFax you may know the Winery and you know what you see when you look in the bottle, what’s printed on the label and what someone may tell you about the wine. But you still do not know the whole story.
The blockchain is a digital, distributed ledger where identical copies of each record are maintained on a distributed network of computing devices. Anyone with the public key can view entries and those with the public and private key can view and record new records. Transactions are grouped in blocks, recorded in sequence in a chain of blocks (the ‘blockchain’). The data on each block are cryptography protected so records cannot change their order or be deleted. The blockchain is trusted without a central authority.
Simply put from a trusted source a crypto wallet is generated for each bottle of wine and the detailed information is entered in chronological order of the wine from grape to table are recorded on the blockchain and added to the wallet, yes each bottle of wine will have a wallet. Information on the blockchain about the wine will include things like; name and location of the vineyard, number of times the wine has been harvested, age and type of the wine, where the wine is located in the vineyard, the type of grape (grapes), season, weather conditions, soil type and soil supplements, harvest date & time, crush, barrel (oak large or small barrel), bottling, transport, transport temperature, transport duration, storage location, storage temperature, storage duration, time on self. All this data is recorded on the blockchain and cannot be altered or deleted.
BLOCKCHAIN IS MORE THAN CRYPTOCURRENCY:
That’s right blockchain is more than just cryptocurrency, it can be used to carry messages in an ERC-20 Token.
This detailed information is accessed on the blockchain by the consumer who scans the QR code on the bottle of wine. The QR code pulls up the information in the crypto wallet and shows the order in which each event was recorded, date and time and description. The information is secure and will never go away and you will never receive a page not found (404 error). The information cannot be erased or altered.
THE TRUSTED SOURCE:
Through the table to grape processes, each trusted source will airdrop a non-fungible ERC-20 validation token from their wallet into the wallet associated with the bottle of wine. The trusted source will be registered and traceable back to the source if needed.
WHAT ABOUT COST:
Generating crypto wallets, posting, viewing information and airdropping tokens between wallets does not require any licensed software or hardware. But the blockchain is not free there is a transaction fee to generate tokens and move tokens between crypto wallets. The transaction fee is dependent on the price of cryptocurrency.
SOUNDS LIKE OVERKILL:
Overkill you say, well it may be for a bottle of Charles Shaw ($1.99 a bottle) but not for a bottle of high-end wine that comes with a good reputation. Additionally, all the data combined with advanced analytics will predict quality and price before anyone tastes the wine. Wines will also come with a different rating based on the analytics and will be in addition to the taste ratings.
Depending on the wine documenting the grape to table processes can be very detailed or not. A crypto wallet with the documented processes can represent many bottles of wine in the same
One wallet can represent one bottle of wine, many bottles of wine in a section of the vineyard or all the bottles in the vineyard with very detailed documentation or just enough documentation to trace the grape to table processes.
Yes, it’s true a nice bottle of wine will come with a crypto wallet loaded with all the information wine connoisseurs’ needs, outside of tasting the wine. Now you’ll know when you taste hit wood smoke, hazelnuts, dried fruit fresh citrus and marmalade notes they can be traced somewhere in the grape to table processes.
You will also know to shy away from a bottle of wine if in the detailed processes the wine sat in a warehouse where the temperature control was down for months ultimately impacting the flavor, value, and price.
So picture yourself out to dinner and ordering a high-end bottle of wine and pulling up the history of the wine before you commit to buy it.
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